Bitcoin Technical Analysis: BTC/USD vulnerable to another fall

Bitcoin price on Thursday is further cooling, down in the session 1.6%.
BTC/USD sees enough bearish confluences to suggest another fall in around the corner.

Ken Chigbo Independent Analyst

BTC/USD 15-minute chart

Price action moving within a pennant pattern structure, subject to a potential break lower.

Spot rate: 3748.02

Relative change: -1.66%

High: 3839.16

Low: 3698.12

Trend: Bearish

Support 1: 3710.70, daily pivot point support.

Support 2: 3612.05, daily pivot point support.

Support 3: 3539.02, daily pivot point support.

Resistance 1: 3882.37, daily pivot point resistance.

Resistance 2: 3955.39, daily pivot point resistance.

Resistance 3: 4054.05, daily pivot point resistance.

BTC/USD 60-minute chart

BTC/USD via the 60-minute view is moving within a range-block, breakout could soon be seen south.

BTC/USD daily chart

Price supported for now by an ascending trend line, running since 15th December.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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